Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/244581
Authors: 
Bodnar, Olha
Eriksson, Viktor
Year of Publication: 
2021
Series/Report no.: 
Working Paper No. 7/2021
Publisher: 
Örebro University School of Business, Örebro
Abstract: 
The location-scale model is usually present in physics and chemistry in connection to the Birge ratio method for the adjustment of fundamental physical constants such as the Planck constant or the Newtonian constant of gravitation, while the random effects model is the commonly used approach for meta-analysis in medicine. These two competitive models are used to increase the quoted uncertainties of the measurement results to make them consistent. The intrinsic Bayes factor (IBF) is derived for the comparison of the random effects model to the location-scale model, and we answer the question which model performs better for the determination of the Newtonian constant of gravitation. The results of the empirical illustration support the application of the Birge ratio method which is currently used in the adjustment of the CODATA 2018 value for the Newtonian constant of gravitation together with its uncertainty. The results of the simulation study illustrate that the suggested procedure for model selection is decisive even when data consist of a few measurement results.
Subjects: 
Intrinsic Bayes factor
Birge ratio method
Location-scale model
Random-e ects model
Reference prior
Meta-analysis
Interlaboratory comparison study
Newtonian constant of gravitation
JEL: 
C02
C11
C18
Document Type: 
Working Paper

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